风险投资与上市企业创新投入:产权属性和制度环境的调节

发布时间：2018-05-08 08:15

本文选题：风险投资 + 创新投入　；参考：《科研管理》2017年11期

【摘要】：作为一种新型的融资方式,风险投资与企业创新投入的关系存在一定争议。以中国10488家上市企业为样本,基于产权属性与制度环境的双重视角,采用Tobi模型和负二项回归模型研究了风险投资对企业创新投入的影响。研究结果表明:风险投资对上市企业创新投入具有显著促进作用;风险投资对上市企业创新投入的促进作用在非国有企业和制度环境较好的地区更为明显。进一步研究发现,风险投资通过增加企业创新投入促进企业的创新产出。本文对于认识风险投资在完善金融服务体系中的作用,促进资本市场发展,完善国家创新体系建设具有重要价值。
[Abstract]:As a new financing method, the relationship between venture capital and innovation investment is controversial. Taking 10488 listed enterprises in China as a sample, this paper studies the influence of venture capital on innovation investment by using Tobi model and negative binomial regression model, based on the dual perspective of property right attribute and institutional environment. The results show that venture capital can promote innovation investment of listed enterprises significantly, and the promotion effect of venture capital on innovation investment of listed enterprises is more obvious in non-state-owned enterprises and areas with better institutional environment. Further research shows that venture capital promotes innovation output by increasing innovation input. This paper is of great value in understanding the role of venture capital in perfecting the financial service system, promoting the development of capital market and perfecting the construction of national innovation system.
【作者单位】：福州大学经济与管理学院;福建江夏学院经济贸易学院;
【基金】：国家自然科学基金青年项目“产学研合作成效影响机理及提升策略研究”(71403054,2015.01-2017.12);国家自然科学基金项目“企业管理质量:属性、测量、优化与演化研究”(71171054,2012.1-2017.12) 福建省社科规划项目“协同创新知识治理机制的构建及其对知识转移行为的影响研究”(FJ2016C050,2016.09-2018.07)
【分类号】：F273.1;F275;F832.51

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